Home equity loans and lines of credit can be a great, inexpensive way to use the equity in your home to borrow for larger purchases. A Home Equity Loan is a great option when you need to make a single, large purchase at a certain price. If you aren’t sure of the final price, or if it is a reoccurring cost, a Home Equity Line of Credit can be perfect- it works similarly to a credit card, meaning you have access to the borrowed sum, but if you pay it down that balance becomes available again. Both options are convenient ways for you to use the equity in your home to save you money!
Working on a clean energy project? Save even more money with a VGreen home equity loan.
Home Equity Loan
The equity in your Vermont or New Hampshire home can come in handy when you need to borrow money for home renovations, debt consolidation, or to pay for larger items or experiences such as medical bills, or other hefty expenses. VSECU’s home equity loan is closed-end, with a fixed interest rate for a specified number of years.
This is a closed-end loan with a fixed interest rate and term.
The borrowed amount is paid to you in one lump sum.
You select the number of years it will take to repay the loan.
Minimum loan amount for this product is $5,000.
Interest on this loan may be tax deductible.
Fill out our free and fast paperless online application with no obligation.
Borrow up to 90% of fair market value, as determined by a professional appraiser.
Borrow up to 75% of the tax assessed value of your home.
DETERMINING ELIGIBLE AMOUNT TO BORROW
To determine how much you can borrow, you first need to know the total equity in your Vermont or New Hampshire home.* VSECU will determine the amount of equity you can borrow using one of the following:
- Your current tax assessment, which you will find on your published property tax bill, or
- A Certified Professional Residential Appraisal Report, which VSECU will order for you.
The available equity in your home is the value of your home up to 75% of the tax assessment, or up to 90% of the appraisal, less your outstanding balance.
If your home tax assessment is $100,000 and you owe $25,000, you have $50,000 available:
$100,000 × .75 (75%) = $75,000
$75,000 – $25,000 = $50,000
If your home appraisal is $100,000 and you owe $25,000, you have $65,000 available:
$100,000 × .90 (90%) = $90,000
$90,000 – $25,000 = $65,000
Trying to determine a realistic appraisal value of your home can be tricky and will depend on the location of the home and market conditions in that area. For help, contact VSECUs home equity specialists.
*Only Vermont properties are eligible for certain partnership programs.
Enter the amount you wish to borrow:
as low as*
as low as*
|Max LTV||Term (months)||Estimated
|Fixed Rate||3.24%||3.24%||Less than or equal to 80%||60||Apply Now|
|Fixed Rate||4.25%||4.25%||Less than or equal to 80%||120||Apply Now|
|Fixed Rate||4.75%||4.75%||Less than or equal to 80%||180||Apply Now|
|Fixed Rate||4.24%||4.24%||Greater than 80%; up to 90%||60||Apply Now|
|Fixed Rate||5.25%||5.25%||Greater than 80%; up to 90%||120||Apply Now|
|Fixed Rate||5.75%||5.75%||Greater than 80%; up to 90%||180||Apply Now|
APR = Annual Percentage Rate. Rates and APRs listed are “as low as” and may be adjusted based on individual credit standing and term. Payment information does not include amounts for taxes and insurance premiums – if applicable, actual payment obligation will be greater. Estimated monthly payments are based on a $10,000 loan. Calculated payments shown are for estimation purposes only. Actual loan payment amount will be disclosed at loan closing and may differ slightly.
Home Equity Line of Credit
A Home Equity Line of Credit (HELOC) is a form of revolving credit, like a credit card, for which your home serves as collateral. A Home Equity Line of Credit can be used to pay for home improvements, medical bills, a once in a lifetime vacation, major purchases. It can also be established as a safety net or cushion for unexpected future events. This line of credit should not be used for day-to-day expenses.
You’ll be approved for a specific amount of credit that will be available for you to use over a period of time, whenever you need it. You make monthly payments on your outstanding balance, and as you pay down your line of credit, the funds become available again for use.
This loan is assessed with a variable interest rate that may fluctuate.
You can tap into your line of credit whenever you need the money.
A revolving line of credit will be available to you over a specific period of time.
The minimum line of credit is $5,000.
Interest may be tax deductible. Consult a tax adviser about deductions.
Funds available to you through online transfer, by check, or by calling VSECU.
Borrow up to 90% of fair market value, as determined by professional appraiser.
Borrow 50% or less of the tax assessed value to receive the maximum amount.
DETERMINING ELIGIBLE AMOUNT TO BORROW
To determine how much you can borrow, you first need to know the total equity in your Vermont or New Hampshire home. The first step is to determine the value of your home. You can use either the professional appraised value of your home or the tax assessed value of your home. The equity in your home is the difference between the value of your home less all other outstanding balances on your existing mortgage. This is the amount that is available to borrow from, up to a certain limit, either 90% or 75% of the amount, depending on which valuation approach you use.
The total maximum amount that can be borrowed is $250,000 when using the appraised value, or when using the tax assessed value and borrowing 50% or less of the value of the home. The total maximum amount that can be borrowed when using the tax assessed value and borrowing up to 75% of the value of the home is $150,000.
HOME EQUITY LINE OF CREDIT RATES
as low as*
as low as*
|Monthly Adjustable||4.50%||4.50%||15 years with a 15 year draw||Less than or equal to 80%|
|Monthly Adjustable||4.50%||4.50%||15 years with a 15 year draw||Greater than 80%; up to 90%|
APR = Annual Percentage Rate. Rates and APRs are variable, are listed “as low as”, and may be adjusted based on individual credit standing and term. Maximum APR is 18.00%; floor APR is 4.50%. Other charges may be imposed, including: a property appraisal fee of $475; a title update fee of $115 to $400; and a late fee of 5% of the payment (which may be charged for a payment more than 15 days late). VSECU may cover closing costs up to $525. If HELOC is closed within 3 years of consummatin, borrower(s) is/are responsible to refund VSECU the closing costs.
VGreen Home Equity Loans
Enjoy more affordable financing for your clean energy projects. If you need to finance an alternative or renewable energy project, efficiency upgrades, or more general home energy improvements, check out our VGreen home equity loans. Learn more.
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